TEGNA Inc. (NYSE: TGNA) today announced financial results for the second quarter ended June 30, 2022. . The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. In Q4, Locked On set a quarterly record with a total audience of more than 66 million listens and views. Howard D. Elias, Chairman of the TEGNA Board, said, We are pleased to have reached this agreement with Standard General, which follows a thorough review of acquisition proposals received by the Company. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. Users should consider the limitations of using Adjusted EBITDA, including the fact that this measure does not provide a complete measure of our operating performance. Standard General is a minority-controlled and operated organization. TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. TEGNA Inc. Reports Fourth Quarter and Full-Year 2022 Results What you need to know from Costco's earnings call TEGNA Inc. Reports Fourth Quarter and Full-Year 2022 Results February 27,. They specifically cited statements by Standard General regarding plans for a Washington, D.C. bureau to produce content for local newscasts, and arguing that Tegna's stations had "too many employees". Richard Moody donated Other major sources include 2ndVote, a research provider that scores companies from 5 (most conservative) to 1 (most liberal), and OpenSecrets, an online database that tracks political donations in the U.S. For more information, visit www.TEGNA.com. The most directly comparable GAAP financial measure to free cash flow is Net income attributable to TEGNA. Subscription revenue was a fourth quarter record of $372 million, up 11 percent year-over-year, due to rate increases, partially offset by subscriber declines and the comparison to the DISH disruption in 2021. [8] The two companies, however, continued to share a headquarters complex. TEGNA offers innovative solutions to help businesses reach consumers across television, digital and over-the-top (OTT) platforms, includingPremion, TEGNAs OTT advertising service. In 2015, Tegna Media test-ran a limited-run informative talk show hosted by Dallas-based bishop T. D. Jakes on its owned stations in Dallas, Atlanta, Minneapolis and Cleveland. National and International news is provided by the Associated Press as well as other TEGNA TV stations. Bias Rating: LEAST BIASED The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360 view of the company Key Highlights TEGNA Inc (TEGNA) is a provider of media services. In addition, we have excluded certain income tax special items associated with a valuation allowance on a deferred tax asset related to an equity method investment, a partial capital loss valuation allowance release, and deferred tax benefits related to state tax planning strategies. About TEGNA. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. We expect 2022 to be another extraordinary. The TEGNA Foundation supports nonprofit organizations in communities served by TEGNA Inc. Continued Progress on Achieving 2025 Diversity, Equity and Inclusion Goals Following our stated five-pillar plan, at the end of 2022, we continued to make progress against our 2025 DE&I goals to grow Black, Indigenous and People of Color (BIPOC) representation in content teams, content leadership and company leadership. WHEC-TV's frequency was shared with WVET-TV, owned by Veterans Broadcasting, from its 1953 sign-on until 1961 when Gannett purchased full ownership of the frequency. [22][23], In March 2019, Tegna announced its formation of VAULT Studios, its first, in-house digital content studio. The filing comes less than a month after media attorney and consultant Adonis Hoffman withdrew himself from the bid to be nominated as a board member for Tegna, citing an incident where CEO Dave Lougee assumed he was a hotel valet, and also potential conflicts of interest. in preparation forTegnas annual shareholders meeting scheduled for May 7. [25][26] The FCC approved the sale on September 16. Upon completion of the transaction, TEGNA will become a private company and its shares will no longer be traded on the New York Stock Exchange. Vice President, Corporate Communications Compared to 2020, fourth quarter AMS revenue was up slightly driven by strong growth in most categories including entertainment, services, and travel and tourism, partially offset by macroeconomic headwinds impacting, auto, insurance, and retail in this two-year comparison. With 63 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network . The new agreement includes full carriage of the FOX broadcast network . Anne Bentley TEGNA Inc. (Tegna), and SCGI Holdings III LLC, an affiliate of Standard General L.P. (SCGI and Standard General), have filed applications to transfer control of Tegna and the licenses of 64 full-power television stations and two full-power radio stations from Tegna's current shareholders to SCGI. Cautionary Statement Regarding Forward-Looking Statements. We tell stories that matter, are an advocate for those in need and help bring positive change to our communities. With 64 television stations in 51 U.S. markets, TEGNA is the largest owner of top 4 network affiliates in the top 25 markets among independent station groups. These risks, uncertainties and other factors include, but are not limited to, those discussed under Risk Factors in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, and the following: (1) the timing, receipt and terms and conditions of any required governmental or regulatory approvals of the proposed transaction and the related transactions involving the parties that could reduce the anticipated benefits of or cause the parties to abandon the proposed transaction, (2) risks related to the satisfaction of the conditions to closing the proposed transaction (including the failure to obtain necessary regulatory approvals or the approval of the Companys stockholders), and the related transactions involving the parties, in the anticipated timeframe or at all, (3) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the Companys common stock, (4) disruption from the proposed transaction making it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with the Companys customers, vendors and others with whom it does business, (5) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement entered into pursuant to the proposed transaction or of the transactions involving the parties, (6) risks related to disruption of managements attention from the Companys ongoing business operations due to the proposed transaction, (7) significant transaction costs, (8) the risk of litigation and/or regulatory actions related to the proposed transaction or unfavorable results from currently pending litigation and proceedings or litigation and proceedings that could arise in the future, (9) other business effects, including the effects of industry, market, economic, political or regulatory conditions, (10) information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity, malware or ransomware attacks, and (11) changes resulting from the COVID-19 pandemic, which could exacerbate any of the risks described above. Gannett purchased the construction permit for WINR-TV and signed the station on in 1957. J.P. Morgan Securities LLC is acting as lead financial advisor, with Greenhill & Co. also acting as a financial advisor to TEGNA, and Wachtell Lipton Rosen & Katz and Covington & Burling LLP are acting as its legal advisors. The local affiliate I work for in Des Moines is very poorly managed. Also, our non-GAAP measures may not be comparable to similarly titled measures of other companies. Jakes ended in September 2017 and was replaced with news and entertainment show Daily Blast Live, which premiered on September 11, 2017. Founded in 1953, 12 News KPNX is an NBC affiliate based in Phoenix, Arizona. In February, Tegna entered into a definitive agreement to be acquired by an affiliate of Standard General for $24 per share in cash and become a private company. Each such statement speaks only as of the day it was made. The transaction has an equity value of approximately $5.4 billion and an enterprise value of approximately $8.6 billion, including the assumption of debt. The split was completed on June 29, 2015. Andy Brimmer/Jamie Moser We are a drug free, EEO employer committed to a diverse workforce. WZDX, the TEGNA-owned FOX affiliate in Huntsville AL, has an opening for an experienced, versatile Head of Technology and Operations. Employees at the parent company, TEGNA, earn $56,684. Mr. Kim is supported by a diverse, highly experienced 17-person team, including seven investment professionals with over 120 years of collective investing experience. Total company Adjusted EBITDA was $948 million, down seven percent year-over-year due to the absence of record high-margin political revenue reported in 2020. All waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, applicable to the Merger and related transactions have expired. On February 22, 2022, TEGNA Inc.and Standard General L.P. announcedthat TEGNAand an affiliate of Standard General entered into a definitive agreement under which TEGNAwill be acquired by the Standard General affiliate for $24.00per share in cash. The data presented on this page does not represent the view of TEGNA and its employees or that of Zippia. Sard Verbinnen & Co. It has an unusually high proportion of employees who are members of the Democratic Party, at 87.0%. On February 22, 2022, TEGNA Inc. and Standard General L.P. announced that TEGNA and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired. The staff at TEGNA come from unusually diverse demographic backgrounds. Since 2020, advertising trends have seen significant broad-based strength across all advertising categories, except auto and insurance in this two-year comparison. Forward-looking statements in this communication may include, without limitation: statements about the potential benefits of the proposed acquisition, anticipated growth rates, the Companys plans, objectives, expectations, and the anticipated timing of closing the proposed transaction. 15% of TEGNA employees are Hispanic or Latino. Standard General We are excited to partner again with Deb McDermott, who previously spearheaded the broadcast group at Media General, where Standard General was a principal shareholder. GAAP operating expenses were $589 million, up four percent year-over-year, and non-GAAP operating expenses were $587 million, up four percent year-over-year, with the increases predominantly driven by investments in Premions growth and programming costs. On February 22, 2022, TEGNA Inc. and Standard General L.P. announced that TEGNA and an affiliate of Standard General entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash. We have clear processes for promptly investigating and addressing inappropriate workplace conduct at all levels of the organization. Tegna shareholders approved an initial public offering of Cars.com as a publicly traded spin-off in May 2017. GAAP earnings per diluted share were $2.81 and non-GAAP earnings per diluted share were $2.83. Political revenue was $179 million, up nine percent from 2018, the last non-presidential election year, on a pro forma basis1. Under the terms of the definitive merger agreement, in addition to receiving $24.00 per share, TEGNA shareholders will receive additional cash consideration in the form of a ticking fee of $0.00167 per share per day (or $0.05 per month) if the closing occurs between the 9- and 12-month anniversary of signing, increasing to $0.0025 per share per day (or $0.075 per month) if the closing occurs between the 12- and 13-month anniversary of signing, $0.00333 per share per day (or $0.10 per month) if the closing occurs between the 13- and 14-month anniversary of signing, and $0.00417 per share per day (or $0.125 per month) if the closing occurs between the 14- and 15-month anniversary of signing. JAKES" SET TO PREMIERE MONDAY, SEPTEMBER 12, 2016 TEGNA", "Exclusive: Tegna's 'BOLD' to Be Renamed 'Daily Blast Live', Tegna, TV One to Launch Daily Talk Show Sister Circle, TEGNA Announces Sing Like a Star, New Singing Competition Premiering September 16, "NATPE Roundup: Fox TV Stations Renew 'Page Six TV,' Sony Pictures TV Teams With Tegna", "How This New Platform Plans to Make Buying Ads on Streaming Services Easier", http://investors.tegna.com/news-releases/news-release-details/tegna-acquires-leading-local-sports-podcast-network-locked, https://awfulannouncing.com/podcasts/tegna-acquires-locked-on-podcast-network.html, "Meredith Buying Three Stations From Gannett", "Meredith Corp. closes on $177million purchase of KMOV", https://en.wikipedia.org/w/index.php?title=Tegna_Inc.&oldid=1142769168, Defunct, went silent in 1954, frequency now used by. Tegna owns or operates 66 television stations in 54 markets, and holds properties in digital media. Completed Five Year Renewal of Affiliation Agreement with ABC - In January, TEGNA entered into a comprehensive, five year deal through late 2023 with the ABC network that renews the station affiliation agreements for all of the company's ABC-affiliated stations. The show, titled T.D. Ad-Free Sign up Using rigorous methodology, the media bias chart evaluates popular media outlets and the way in which they tend to lean: centrist, conservative, or liberal. The closing of the transaction remains subject to the approval of the Federal Communications Commission (the "FCC") and customary closing conditions. The Community Grant program serves to address local community needs. The series debuted on September 12 on most, if not all Tegna-owned stations, as well as several large markets, including Baltimore (WMAR-TV), Detroit (WMYD), Orlando (WFTV/WRDQ), Chicago (WCIU-TV), San Antonio (KSAT-TV), and San Diego (KGTV). Posted: March 02, 2023. The 20 markets renewed cover 17 percent of the U.S. audience and nearly 21 . [37] In March 2020, Tegna stated that it had turned down two acquisition offers by Gray Television and Apollo Global Management, stating that "these two parties made their proposals shortly before the recent market dislocation due to the COVID-19 pandemic and both subsequently informed Tegna that they were ceasing discussions." Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. TEGNA has renewed retransmission consent agreements representing approximately 30 percent of our subscribers since our prior quarterly release on November 9, 2022. 3 min read TEGNA TGNA and Comcast 's CMCSA NBC recently announced the extension. Despite its diversity in other areas, TEGNA employees are noticeably lacking in political diversity. Help other job seekers by rating TEGNA. 14% of TEGNA employees are Black or African American. This swot analysis features 13 companies, including Charter Communications Inc, Gray Television Inc, Comcast Corp, The E. W. Scripps Co, Google LLC, Meta Platforms Inc Country: USA This blackout by Tegna is an increasingly common tactic that channel owners use to force cable and satellite companies to pay unreasonable rate increases during contract negotiations. Company Participants. [19], On December 18, 2017, Tegna announced it would acquire KFMB-AM-FM-TV in San Diego from Midwest Television, Inc. for $325 million, pending approval from the Federal Communications Commission. Non-GAAP expenses less Premion costs increased two percent from 2021, driven primarily by programming expenses. TEGNA Inc. (NYSE: TGNA) is an innovative media company that serves the greater good of our communities. TMS is a one-stop shop that helps businesses thrive through an unmatched suite of services and solutions that reach consumers across television, email, social and over-the-top (OTT) platforms, including Premion, TEGNA's OTT advertising service. [citation needed], In 2020, activist shareholder Soo Kim, owner of Standard General, began to pursue control over Tegna, citing its "pattern of passivity" on the market. The station needs an outstanding talent to bring viewers to the biggest sporting events in Indiana including extensive coverage of the . family responsibilities, disability, enrollment in college or vocational school, political . [4][9][10], In September 2016, Tegna announced plans to spin off Cars.com to create two independent publicly traded companies. [27], On May 6, 2019, it was reported that Tegna was going to acquire the 85% of the Justice Network and Quest from Cooper Media that it did not own already for $77 Million to close by the end of the second quarter. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the related GAAP measures, nor should they be considered superior to the related GAAP measures, and should be read together with financial information presented on a GAAP basis. The Company undertakes no obligation to update or to revise any forward-looking statements. Auto advertising saw sequential improvement throughout the year finishing with strong growth in the fourth quarter. Standard General was founded in 2007 and manages capital for public and private pension funds, endowments, foundations, and high-net-worth individuals. Unsurprisingly, Tom's and Seventh Generation jump to the top of left-leaning companies. Jakes, was co-produced by Debmar-Mercury, Tegna Media, 44 Blue Productions, Jakes' own production company, TDJ Enterprises and EnLight Productions and lasted from August 17, 2016, to September 8, 2017. Fair Use Policy They also referenced image consultants advising Asian reporters how to use makeup so their eyes looked more Western and requiring Latinx employees to disclose their own immigration status when broadcasting about such issues. The letter did not mention how recently those two instances or practices occurred. to be nominated as a board member for Tegna, citing an incident where CEO Dave Lougee assumed he was a hotel valet, and also potential conflicts of interest. by Richard Moody. The document was filed with the SEC by Standard Generalin preparation forTegnas annual shareholders meeting scheduled for May 7. In addition, the company owns seven CW affiliates (including three digital subchannels of KFMB-TV, KYTX, and WMAZ-TV), three Estrella TV affiliates (including two digital subchannels of KENS and KVUE), ten MyNetworkTV affiliates (including five digital subchannels of KFMB-TV, KIDY, KXVA, WQAD-TV, and WZDX), three independent stations (including two digital subchannels of KTVB and its satellite of KTFT-LD), a low-powered MeTV affiliate, and a Quest owned-and-operated station. These cable networks were owned by Belo prior to acquisition by Gannett/Tegna: "TEGNA" redirects here. The company creates and delivers television programming and digital content, and information across various platforms. Involved in the Gannett Company's 1997 station trade deal with. TEGNA also delivers innovative and unparalleled solutions for advertisers through TEGNA Marketing Solutions (TMS). Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. The transaction consideration represents a premium of approximately 39% to TEGNAs unaffected closing share price on September 14, 2021, the last full trading day prior to media speculation about a potential sale of TEGNA, and a premium of approximately 11% to TEGNAs all-time high closing price since separation from the Gannett publishing business in 2015. Locked On Scores a Record Year Locked On Podcast Network, which provides in-depth local coverage of every NBA, NFL, MLB and NHL team plus major college sports teams, grew its total audience by 89 percent in 2022 and delivered more than 217 million podcast listens and views across platforms. Therefore, while we may incur or recognize these types of expenses and gains in the future, the company believes that removing these items for purposes of calculating the non-GAAP financial measures provides investors with a more focused presentation of our ongoing operating performance. Based on our research, similar companies to TEGNA are ION Media Networks, Discovery, and Univision Holdings, Inc. The company also discusses Adjusted EBITDA (with and without corporate expenses), a non-GAAP financial performance measure that it believes offers a useful view of the overall operation of its businesses. TEGNA ended the quarter with total debt of $3.4 billion, producing net leverage of 3.39 times, more than a full turn below last year, achieving our previous full year guidance of low 3 times by. These achievements are a credit to the hard work of TEGNAs dedicated employees, who are the Companys most valuable asset. [39] Tegna's shareholders chose to re-elect all 12 current board members. GAAP and non-GAAP operating expenses of $2.3 billion were up five percent and four percent year-over-year, respectively, with the increases predominantly driven by investments in Premions growth and programming costs. This is further adjusted by deducting payments made for (1) syndicated programming, (2) pension, (3) interest, (4) taxes (net of refunds) and (5) purchases of property and equipment. The filing comes against the backdrop of a proxy battle between Tegna and Standard General, a hedge fund that owns a 7 percent stake in Tegna, according to a separate SEC filing. However, the distorted picture of Tegna and its stations painted by Standard General to advance its ill-conceived proxy fight will not distract from our significant focus on DE&I [diversity, equity and inclusion] as well as our strong financial performance.. We encourage and consider all qualified candidates regardless of race, color, religion, national origin, sex, age, marital status, personal appearance, sexual orientation, gender identity, family responsibilities, disability . The "new" Gannett inherited old Gannett's longtime ticker symbol, GCI. For the trailing two-year period ending December 31, 2022, free cash flow as a percentage of revenue was 21.8 percent. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the stockholders of the Company in connection with the proposed transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement when it is filed with the SEC. It also provides operational services to another Fox affiliate, WUPW in Toledo, through a shared services agreement with that station's owner American Spirit Media (agreements that were carried over from WTOL's previous ownership; ASM had acted in a similar capacity with several stations). AMS revenue was $353 million in the fourth quarter, down 12 percent year-over-year due to displacement driven by strong political revenue, continued macroeconomic headwinds, and reduced sports betting advertising with fewer new market launches this year versus the prior year. TEGNA Employees Receive Industry Honors TEGNA employees received industry honors, including Boyd Huppert, reporter at KARE and TEGNAs chief storytelling coach, who is receiving a Lifetime Achievement Award from the Radio Television Digital News Foundation. 12 News KPNX is owned and operated by TEGNA Inc., which operates 66 television stations in 54 markets. The document was filed with the SEC by Standard General. KPNX is an NBC affiliate based in Phoenix, Arizona. KPNX also has a section dedicated to politics covering national politics through the Associated Press and local Arizona politics through 12 News TV. 703-873-6747 TEGNA (TGNA) and NBC extend partnership with multi-year deal to renew station affiliation agreements for 20 TEGNA markets in the United States. When used in this communication, the words believes, estimates, plans, expects, should, could, outlook, and anticipates and similar expressions as they relate to the Company or its management are intended to identify forward looking statements. The Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this press release by wire service, Internet service providers or other media. The company discusses in this release non-GAAP financial performance measures that exclude from its reported GAAP results the impact of "special items" consisting of spectrum repacking reimbursements and other, net, M&A-related costs, advisory fees related to activism defense, certain non-operating items such as expense related to the early extinguishment of debt, a gain on an available for sale investment, and a valuation gain from an investment and an impairment charge recorded for another investment. Tysons, Va. and New York TEGNA Inc. (NYSE: TGNA) and Standard General L.P. today announced that TEGNA and an affiliate of Standard General have entered into a definitive agreement under which TEGNA will be acquired by the Standard General affiliate for $24.00 per share in cash. Potential regulatory actions, changes in consumer behaviors and impacts on and modifications to the Companys operations and business relating thereto and the Companys ability to execute on its standalone plan can also cause actual results to differ materially. The filing comes against the backdrop of a proxy battle between Tegna and Standard General, a hedge fund that owns a 7 percent stake in Tegna, according to, The filing comes less than a month after media attorney and consultant Adonis Hoffman. [39][43][44][45] The company stated that Lougee "immediately acknowledged the incident and has stated that he made a mistake, for which he had apologized immediately at the time". Tegna also retained G/O Digital, a digital marketing services brand that it launched in August 2013, and the 20 broadcast stations it acquired from Belo Corporation in December 2013 and the six stations it acquired from London Broadcasting Company in July 2014. Advertising and sponsored content generate revenue. TEGNA's third-quarter 2022 non-GAAP earnings of 65 cents per share missed the Zacks Consensus Estimate by 9.72% but increased 12.1% on a year-over-year basis. abentley@TEGNA.com, George Sard/Andy Duberstein $2,850 to the Democratic Party. (adsbygoogle = window.adsbygoogle || []).push({}); Ad-Free Login Record subscription revenue of $1.5 billion was up four percent year-over-year, driven by rate increases and partially offset by subscriber declines.
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